J P M O R G A N North America Equity Research 24 June 2026 Maintain UW rating. 2Q pre-announcement flags a sharper-than-expected uptick in net DPU, attributed to broader used industry softening (partly confirmed by rental pricing data), while other KPIs around pricing, utilization, and demand are generally tracking in line with our recently raised assumptions, raising fresh questions around execution, specifically on disposition and/or aggressive residual value assumption frameworks following the atypically ...